If you’re going to compete with bigger businesses on your terms, you need to think and act quickly. Here are ten tips to guide you:
- Be agile when responding to your customers
Like a speedboat compared to an oil-tanker, smaller businesses can move faster than larger ones when market conditions change. Keep careful track of your customers’ interests and preferences and you’ll be able to anticipate their requirements. You can also take advantage of these relationships to check in with customers and prospects on a periodic basis. Ask for their feedback on your product or service, shop and website.
- Don’t slash your prices
Competing on price with the big players is usually a bad idea. Economies of scale mean that the larger stores have more purchasing power than you, and can drive down their suppliers’ prices. Read more about 10 Ways That Your Small Business Can Compete With Big-Box Retailers